Coercion in the establishment of the Franco-German clearing is readily demonstrable. Extreme pressure was brought to bear, particularly in regard to the rate of exchange established in the agreement, by threatening to cut off communications between “occupied” and “nonoccupied” zones in France (3602-PS; 3603-PS), a step which would have destroyed the last vestige of economic order in France. The harsh terms of the agreement, which required the Bank of France to make immediate payment for exports to Germany regardless of the balance of trade, fixed the rate of exchange at 20 francs to the mark (as compared to 10 to 1 before the war), and gave Germany a unilateral option to cancel at any time, forcibly suggest that the agreement would not voluntarily have been accepted. (EC-619)
Holland
The clearing system between Holland and Germany was of short duration, being cancelled effective 1 April 1941, when free transfer of Reichsmarks to Holland was introduced. (See infra, D, (5).) It is therefore not deemed of sufficient importance to warrant discussion at this point.
(3) The Nazi conspirators unlawfully took over the gold reserve of the National Bank of Belgium and the Netherlands Bank in the interest of the German general war effort.
Belgium
The gold of the National Bank, deposited with the Bank of France and transferred to Dakar, was brought to Berlin pursuant to German-French “agreement” in the amount of 545,700,000 RM (ECR-149), and there deposited with the Reichsbank in Berlin (ECR-24). Because of the “high demands on gold and foreign exchange” which led to a “considerable straining of the reserves” (EC-401), the “Reich Government felt itself required to lay claim to the gold of the National Bank for the Reich” (ECR-149). A decision to proceed by requisitioning under paragraph 52 of the Hague Regulations (EC-401) was not executed, apparently because of fears on the part of the Reichsbank that title thus acquired would not be recognized (ECR-115). On order of Goering (ECH-5, part 9, Annex XIII), the gold was then “requisitioned on 19 September 1942 by the Oberpraesident of the Province of Mark Brandenburg for the Deputy of the Four-Year Plan, on the basis of the Reich Contribution Law (Reichsleistungsgesetz) of 1.IX.1939 (Sec. 15, paragraph 1, No. 5, and Sec. 2a)” (ECR-149).
Holland
As shown above, part of the Dutch “voluntary” contribution to the “war against Bolshevism” was paid in gold. The gold was, in fact, taken from the Netherlands Bank. (EC-401)
(4) The Nazi conspirators unlawfully compelled the nationals of the occupied countries to surrender and offer for sale all precious metals and foreign exchange to the local central banks, which delivered them to the German Reichsbank.
Belgium